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The Goodyear Tire & Rubber Company has priced its offering of $900 million aggregate principal amount of 10-year senior notes. The notes will be senior unsecured obligations of the company. They will be offered to the public at a price of 100 per cent of the principal amount and will bear interest at a rate of 5.0 per cent per annum. Goodyear expects the offering to close on 13 May 2016, subject to customary closing conditions.
Firestone Music Tour has added Irish festival to its list of musical destinations, after a partnership with Vantastival 2016 was announced. It will become the first Irish festival to take part in the hugely successful Firestone Music Tour, which currently spans France, Germany, Italy, Poland, England and Spain.
A total of 220 global manufacturers showcased their tyre and battery-related products and services at Automechanika Dubai 2016, taking up 7,300 square metres of exhibition space during event which was help between 8 and 10 May at the Dubai International Convention and Exhibition Centre.
Messe Frankfurt Middle East reported that this represents a 15 per cent year-on-year growth in exhibitor numbers over 2015, and a 19 per cent year-on-year increase in exhibition space.
On the occasion of publishing its full-year 2015/2016 financials, Apollo Tyres has reported sales of 117 billion rupees (£1.214 billion; 1.537 billion euros; US$1.757 billion) compared with 127.256 billion rupees in 2014/2015. During the same period (2015/2016) operating profit grew 3 per cent to close at 20.4 billion rupees, up from 19.8 billion rupees. Net profit increased 12 per cent to 10.9 billion from 9.8 billion rupees the year before.
India’s government has begun investigating allegations that Chinese-made truck and bus radials are being sold at dumping prices in India. The Ministry of Commerce’s Directorate General of Anti-Dumping and Allied Duties (DGAD) claims to have found sufficient “prima facie” evidence of dumping activities, and national industry association the Automotive Tyre Manufacturers Association (ATMA) has filed an application for the start of an anti-dumping investigation on behalf of several domestic tyre makers. The ATMA seeks the introduction of anti-dumping duties.
Three years ago, Continental began focusing on non-automotive areas of its business in order to better balance the company’s sales footprint. An early beneficiary of this new emphasis was Continental’s Commercial Specialty Tires (CST) business, with the first investments to grow the CST portfolio directed at the port tyre segment. Now, in 2016, it is the turn of earthmover tyres, and a new EM range will be introduced later this year. As was the case with the port tyre range, the earthmover products will reflect the 2013-initiated drive to establish the Continental name as the company’s primary brand in the OTR sector.
Sumitomo Rubber Industries, has begun supplying high-performance Falken Ziex ZE001 A/S SUV tyres to Nissan for factory fitment on Rogue models (X-Trail in the UK and elsewhere) sold in North America. The Ziex all-season, asymmetrical tread ZE001 A/S will be fitted to the Rogue in size 25/60R18 100H.
Marangoni says it has achieved a strong position with its Industrial Tyre business in Europe and is growing in this segment in markets further afield. This growth has occurred due to a broadening of the company’s international presence and a rise in business with original equipment customers. To prepare itself for further growth, Marangoni says it has developed an expansion strategy, and states this planned expansion will further confirm its status as “one if the major players within the industrial tyre business.”
Korean portal BusinessKorea claims Hankook Tire has signed a sponsorship agreement with Real Madrid, with the deal personally led by company Cho Hyun-bum. The tyre maker has yet to confirm entering into a contract with the Spanish football club, and details of the alleged agreement are not yet known.
Vintage Tyres has appointed Ben Field, who joined the company last June, as its new managing director. Field takes over from longstanding MD Chris Marchant who, rather than taking full retirement, will become technical director. Ben Field brings with him 25 years’ experience in the classic vehicle industry as a restorer, road tester and journalist.
Although Nokian Tyres’ net sales decreased 1.9 per cent year-on-year to €275.8 million in the first quarter of 2016, the Finnish company increased its operating profit by 4.6 per cent to €50.5 per cent and nudged its operating margin up from 17.2 per cent to 18.3 per cent. Net profit for the January to March quarter amounted to €39.9 million, 70.5 per cent lower than the result recorded a year earlier; the reason for this was the return of €100.3 million worth of taxes and interest for 2007 to 2010 to the company’s books in the first quarter of 2015. Excluding this one-off event, profit rose 13.8 per cent year-on-year. Earnings per share amounted to €0.30 during the quarter.
“The NFDA is concerned with the new National Living Wage and the impacts that it might have on businesses”, said Sue Robinson, director of the National Franchised Dealers Association which represents commercial vehicle and franchised car retailers across the UK.
The government has launched a £2 million fund to encourage more businesses to switch to hydrogen-fuelled vehicles. The Fuel Cell Electric Vehicle (FCEV) Fleet Support Scheme will allow local authorities, health trusts, police forces, fire brigades and private companies to bid for funding to add hydrogen-powered vehicles to their fleets. Bids for the FCEV Fleet Support Scheme must be submitted by Monday 4 July 2016. Successful bidders will be informed later this year.
India’s MRF Ltd has posted net profit of Rs 3.76 billion (£39.1 million) for the quarter ended 31 March 31, 2016, up 7.6 per cent year-on-year. Total income increased 3.7 per cent to Rs 34.56 billion (£359.2 million).
Taiwanese tyre manufacturer, Nankang Rubber Tire is to give its Sportnex AS-2+, which has achieved an A for wet braking performance on the European tyre label, its Reifen Show debut in Essen between 24 and 27 May 2016.
According to the company, the AS-2+ came out in September 2015, replacing its predecessor (the AS-2) and is available in 29 sizes.
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